FMBN issues N20.2b mortgages to NHF subscribers

To assist Nigerians buy their own homes, the Federal Mortgage Bank of Nigeria (FMBN) has issued 2,724 mortgages worth N20.237 billion to subscribers under the National Housing Fund (NHF).

Minister of Power, Works and Housing, Babatunde Fashola who made this known at the inauguration of newly reconstituted board of the Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority (FHA) in Abuja, charged them to shun infighting but rather bring to bare their various wealth of experiences to reposition the agencies.

He said the Federal government has commenced a pilot Housing Programme in 33 States of the federation to validate and test what type of housing design responds to Nigeria’s diverse cultural, climatic and religious needs, as well as to ascertain what is acceptable and affordable.He said: “We are at different stages of construction in different states, and we have recommended these designs to FHA, without imposing them.

“Our decision is informed by the evidence of previous housing initiatives that people did not take up and empty houses that still abound in almost every state of Nigeria. These houses, and the deficit of housing, suggests to us that the untaken houses are either unacceptable or unaffordable or both.

“We see housing as a product, and we take the view that before they can be delivered to market, we must know what the people want and what they can afford.”“As for the financing side, this is critical to affordability and it is as much the function of FHA in cost management and delivery as it is that of FMBN in delivering mortgages of affordable tenures and costs.

The 13-member board of FHA has Senator Lawal Shuaibu as chairman, while Mr. Adewale Adeeyo chairs the eight-member board of FMBN.He reminded them that their appointment offer Nigerians the opportunity to participate in the decision making process that affects the lives of millions of people who are expected to benefit from the services being rendered by the agencies.